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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The dollar crisis opens the eyes of the Iraqis on the Association of Private Banks.. an entity whose

    Rocky
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    • Post n°1

    The dollar crisis opens the eyes of the Iraqis on the Association of Private Banks.. an entity whose Empty The dollar crisis opens the eyes of the Iraqis on the Association of Private Banks.. an entity whose

    Post by Rocky Sat 31 Dec 2022, 5:37 am

    The dollar crisis opens the eyes of the Iraqis on the Association of Private Banks.. an entity whose effectiveness is unknown

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    With the outbreak of the dollar crisis in the Iraqi markets during the past days, which came as a result of the involvement of private banks in smuggling dollars from Iraq and through the currency sale window in which dozens of private banks participate, the Iraqis turned their attention towards the "Association of Iraqi Private Banks."
    This "mysterious entity", according to the description of popular circles, has an unknown role in Iraq, amid the presence of the Central Bank, which is responsible for regulating the work of banks, whether governmental or private, while this entity is known to be an "umbrella" for all banks, including private banks that have been found to be involved. By smuggling the currency and causing the dollar to rise in the Iraqi markets after the US Federal Reserve clamped down on it. 
    In browsing the most prominent thefts and corruption scandals that have emerged in the recent period and during this year that is nearing the end, we find that the heroes of these thefts are private banks or personalities and businessmen who own private banks "affiliated" under the umbrella of the Association of Banks, whose role is unknown or understood. Amidst accusations of “covering up” the activities of private banks, especially those involved in currency smuggling, which immediately after being banned from the currency sale window from the Central Bank, went down to the markets and stock exchanges and made huge purchases of dollars from the market, which caused the dollar to rise to unprecedented levels until it touched 160 thousand dinars per 100 dollars, and caused an increase in the prices of commodities and foodstuffs for citizens.
    Although the first accused of the dollar crisis are banks under the umbrella of the Association of Banks, the latter issued a statement that did not rise to the scale of the crisis.
    The association began its statement by saying that it and its member banks are "monitoring" the recent rise in the exchange rate, while reviewing the Central Bank's procedures that the bank had previously revealed in its repeated statements.
    This statement prompted a number of bankers to deplore the role of the Association and the weakness of its position on the implicated banks affiliated with it.
    At the same time, the Association is accused of acquiring the Central Bank’s initiatives for loans in various sectors, which reached, as of the third quarter of this year, more than 2 trillion dinars, as most of these loans were given through the Association’s banks and benefiting from the benefits accrued from the lending.
    Bankers and specialists stress the need to "dissolve" the association, which did not provide anything to the Iraqis or the banking sector in general amid its unknown and ambiguous role, while they called for the formation of a new association that includes private banks and organizes their work and has a tangible role in improving and reforming the banking sector.
    Perhaps the most prominent indication of the failure of the banking sector in Iraq, especially the private one, is that the number of private private banks in Iraq has reached more than 40 banks, but the money accumulated in the homes of citizens amounts to 70 trillion dinars, or about 40% of the Iraqi monetary mass. It is outside the banking system, due to Citizens' lack of confidence in banks and the failure of these private banks to attract citizens' money and gain their trust.
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